Application Controls
Internal controls around applications that operate at a transaction level and ensure authorization, protect against unauthorized access, errors, unauthorized reporting, and extra care around high-rise transactions
Artificial Intelligence (AI)
Computer science that involv...
CITP Exam
Application Controls - Answer Internal controls around applications that operate at a
transaction level and ensure authorization, protect against unauthorized access, errors,
unauthorized reporting, and extra care around high-rise transactions
Artificial Intelligence (AI) - Answer Computer science that involves automated reasoning
and problem solving, emulating human intelligence
Assertion Level Risks - Answer Risks limited to one or more specific assertions in an
account or in several accounts; addressed by nature, timing, and extent of further audit
procedures; Includes inherent and control risk
Asset Misappropriation - Answer Use of one's occupation for personal gain through the
deliberate misuse or theft of the employing organization's resources or assets
Attribute - Answer Characteristic of something in a data file (ie. part number of an
inventory item)
Automated Control - Answer Involves leveraging technology to build and enforce
internal controls with the least manual intervention possible
Balanced Scorecard - Answer Holistic performance measuring and managing
methodology combining financial, customer, internal processes, and learning/growth
objectives into a single report
Business Activity Monitoring (BAM) - Answer Software that assists management in
monitoring business activities, especially automated processes; Aggregating, analyzing,
and presenting business process performance
Business Intelligence (BI) - Answer Structure and process that combines information
architecture, databases, analytical tools, reporting tools, and other applications to gather
and communicate business information for strategic and tactical purposes
Business Performance Management (BPM) - Answer Measures and analyzes
enterprise performance, operational and financial, to achieve strategic advantages
Business Process Management (BPrM) - Answer Holistic management approach to
managing business processes at the enterprise level to promote efficiency and
effectiveness, while stressing improvements, innovation, and integration with technology
Commercial Off-the-shelf Software (COTS) - Answer Software that is published and
mage commercially available to the general public
,Conceptual Schema - Answer View of information requirements before it is converted
into an actual database; composite view of all user views / schemas
Control Risk - Answer Risk that a material misstatement will not be detected or
prevented by the entity's internal control on a timely basis; considered individually and in
the aggregate with other misstatements
Corruption Schemes - Answer Set of fraud schemes that involves someone inside the
victim organization working with someone outside the entity to defraud the entity
Critical Success Factors (CSF) - Answer Structure and process that measures and
analyzes enterprise performance, operational and financial, to achieve strategic
advantages
Dashboard - Answer Visual presentation of information that allows for quick assimilation
of the facts, and understanding of significance or importance of the information
Data - Answer Raw facts; apart from outside manipulation, data is virtually meaningless
Data Mart - Answer Subset of data warehouse database that is useful to one or more
users for reporting or analyzing
Data Mining - Answer Data processing using large data sets and sophisticated data
search capabilities and statistical tools to discover patterns or correlations, or to make
predictions based on historical data.
Data Warehouse (DW) - Answer Data repository of historical and current data
Database - Answer A closely related collection data files where the data is shared
among users
Database Management System (DBMS) - Answer System of software for creating,
updating, and querying a database
Decision Support System (DSS) - Answer A system of applications, data, and usually
dashboards that supports managers, often modeling data or problems to facilitate
effective decisions
Detection Risk (DR) - Answer the risk that the auditor will not detect a material
misstatement in the financial statements of the entity being audited
e-Discovery - Answer Discovery in civil litigation which deals with the exchange of
information in electronic format, often referred to as electronically stored information
(ESI)
, Electronic Commerce - Answer Electronic business applications or processes that
facilitate commercial transactions
End-user Computing (EUC) - Answer A function developed using common desktop
tools, like spreadsheets, that are used in financial processes for purposes of
determining amounts used for accounting and financial purposes
Enterprise Resource Planning (ERP) - Answer Integrates internal and external systems
across the entire organization, integrating financial, accounting, manufacturing, sales,
service, customer relationship management, and supply chain management systems
Entity-Relationship Model (ER) - Answer A data model that focuses on the relationship
between two data files and two the records of one file relate to the other; Documenting
the relationship is called an ER diagram
Extract, Transform, Load (ETL) - Answer A database process especially applied to data
warehouses; Extracts data from outside data sources, transforms to fit organizational
needs, and loads data into the target database or warehouse
Field - Answer See attribute; also referred to as a column in a relational database
Financial Statement Level Risks - Answer Risks that may affect many different accounts
and several assertions; typically require an overall response such as more supervision
or unpredictability
Fraud - Answer Intentionally harming the entity for personal, financial gain
Fraud Risk Factors - Answer Identifiers, indicators, situations, behaviors, and other
evidence that a fraud has occurred, is occurring, or will occur; See AU 316 for specific
list
Fraud Tree - Answer A study by ACFE determined the taxonomy of fraud resembles a
tree with asset misappropriations, fraudulent financial reporting, and corruption as its
main branches
Information Lifecycle Management (ILM) - Answer The structure and processes
associated with managing information from creation or capture through disposition or
destruction; Identify, capture, organize/manage, access/share/utilize, archive, and
destroy
Inherent Risk (IR) - Answer The susceptibility that a relevant assertion could be
misstated assuming that there are no other related controls
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